SingularityNET: Why a ChatGPT hype could be AGIX’s only backing
Around the beginning of the year, Artificial Intelligence (AI) tokens like SingularityNET [AGIX] took a large part of the positive sentiment shown towards any cryptocurrency. It is a statement of fact that the rise of ChatGPT played a crucial role in the position held by investors at that time.
Read SingularityNET’s [AGIX] Price Prediction 2023-2024
But a month and some weeks down the line, the perception initially enjoyed had taken a downturn. According to information from Santiment, the AGIX weighted sentiment could not avoid hitting weekly crests between December 2022 and the first week of February.
The metric spikes when the social volume is on the high side and dips occur when the overall sentiment is pessimistic. At the time of writing, the weighted sentiment was in the negative region at -0.058. This condition implies that the investors were not as optimistic before the now-fading ChatGPT hype.
As per its volume, on-chain data showed that AGIX was still able to maintain a $146 million. Nonetheless, it was still a truncated amount compared to the series of $500 million achieved earlier.
This means that the aggregate amount of AGIX transactions had significantly decreased irrespective of losses or gains recorded by the traders.
Source: Santiment
But what could be responsible for this downfall? Well, a few weeks back, ChatGPT caught the eye of users across several sectors. And the attention helped the AI product reach unprecedented milestones.
Due to the trend, ChatGPT was able to maintain a perfect score of 100 on the Google Trends chart. Although the product remained at a high trend score, the decline to 82 would surely impact the AI token hype. Interestingly, AGIX had looked independent of the
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